Tianqi over extended themselves in terms of debt, however their operations are still profitable.
There are emerging questions regarding current profitability of Ganfeng. GF doesn't have the debt load but I have heard from multiple sources that they are currently running at a loss operationally.
GF has aggressively been chasing market share, and by all accounts quite successfully.
Li Chemical pricing is unsustainable at these levels and independent converters are under considerable financial pressure.
Tianqi is fortunate enough to have fully integrated spodumene supply from lowest cost producer - Talison.
If AJM can overcome the refinancing issues with a favourable package it should be well placed to succeed in the long term.
It's a tough market out there, not just for the independents like AJM.
Ann: Extension of Voluntary Suspension, page-306
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